State Wide Education Property Tax Study in New Hampshire
Explore the history and evolution of the State Wide Education Property Tax in New Hampshire, including rates set over the years and key municipal data. Director James P. Gerry provides valuable insights and analysis in this informative presentation.
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Presentation Transcript
New Hampshire Department of Revenue Administration Commission to Study School Funding June 22, 2020 James P. Gerry, Director Bruce Kneuer, Supervisor Municipal and Property Division M Lindsey M. Stepp, Commissioner Carollynn J. Lear, Assistant Commissioner 109 Pleasant Street, Concord, NH 03301 603-230-5000
James Gerry, Director, Municipal and Property Division Disclaimer This presentation is intended for informational purposes only, and is not a substitute for seeking professional advice or for reviewing the applicable laws and rules. This presentation represents some positions of the Department on the limited issues discussed herein, based on the law in effect at the time of the presentation and Department interpretation thereof, as well as the opinions and conclusions of its presenter. For the current status of any tax law, practitioners and taxpayers should consult the source documents (i.e., Revised Statutes Annotated, Rules, Case Law, Session Laws, etc.) for independent verification. Page 2
James Gerry, Director, Municipal and Property Division The History of the State Wide Education Property Tax in N.H. 1999 SWEPT created (using set rates in the statute) Laws of 1999, Chapter 17. The annual education property tax was set at $6.60 on each $1,000 of value of taxable property. 1999 Utility Property Tax enacted by Laws of 1999, Chapter 17. This created RSA Chapter 83-F. 2001 Laws of 2001, Chapter 158 set the annual education property tax rate at $5.80. 2003 Laws of 2003, Chapter 241, set the annual education property tax rate at $4.92. Page 3
James Gerry, Director, Municipal and Property Division The History of the State Wide Education Property Tax in N.H. (Cont.) 2004 Laws of 2004, Chapter 195, set the annual education property tax rate at $3.24. The law also introduced an approach, beginning July 1, 2005, which would set a rate to raise a specific dollar amount ($363,677,547). 2005 Laws of 2005, Chapter 257 introduces a change and now requires that the statewide enhanced education tax rate be set each year at a level sufficient to generate revenue of $363,000,000 Page 4
James Gerry, Director, Municipal and Property Division Top 10 Municipalities Page 5
James Gerry, Director, Municipal and Property Division Historical SWEPT Data (2016-2020) Page 6
James Gerry, Director, Municipal and Property Division NH Equalized Values by Category Who Pays the Tax? Page 7
James Gerry, Director, Municipal and Property Division NH Equalized Values by Category(Cont.) Other [0%] Gas/Oil [1%] Electric [4%] Current Use [0%] Water Utility [0%] Residential Land [28%] Commercial Industrial Improvements [13%] Commercial Industrial Land [5%] Residential Improvements [50%] Page 8
James Gerry, Director, Municipal and Property Division NH Education Funding 3 Largest Sources of Revenue 2003 NH EDUCATION FUNDING Adequacy Education Grant, 24% Local Education Tax 50% 2019 NH EDUCATION FUNDING Adequacy Education Grant 20% SWEPT 26% SWEPT 12% Local Education Tax 69% Page 9
James Gerry, Director, Municipal and Property Division Unity School District Page 10
James Gerry, Director, Municipal and Property Division Nashua School District Page 11
James Gerry, Director, Municipal and Property Division Page 12
